A short-term selloff is likely for EURUSD, says James Dima, technical analyst at Marex Spectron.

Looking at a Chart of EURUSD, Dima notes that the RSI (lower pane) is at an extremely high level, which is indicative of overbought conditions. He thinks these conditions will not last long; a similar setup occurred on 9 March shortly before a fall of around 7 percent.

See Chart.